Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2011

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

Note 17 – Other Comprehensive Income (Loss)

Other comprehensive income (loss) components and related taxes are shown in the following table for the three and six month periods ended June 30, 2011 and 2010:

Six months ended June 30, (in thousands)	Before-tax amount			Tax expense (benefit)			Net-of-tax amount
2011:
Unrealized gains on available-for-sale securities	$	8,919		$	3,121		$	5,798
Reclassification adjustment for gains realized in net income		(21,997	)		(7,699	)		(14,298	)
Unrealized net holding gain on cash flow hedge		297			104			193
Other comprehensive loss	$	(12,781	)	$	(4,474	)	$	(8,307	)
2010:
Unrealized gains on available-for-sale securities	$	12,479		$	4,368		$	8,111
Reclassification adjustment for gains realized in net income		(11,819	)		(4,137	)		(7,682	)
Unrealized net holding loss on cash flow hedge		(324	)		(113	)		(211	)
Other comprehensive income	$	336		$	118		$	218

Three months ended June 30, (in thousands)	Before-tax amount			Tax expense (benefit)			Net-of-tax amount
2011:
Unrealized gains on available-for-sale securities	$	12,085		$	4,229		$	7,856
Reclassification adjustment for gains realized in net income		(15,362	)		(5,377	)		(9,985	)
Unrealized net holding gain on cash flow hedge		93			33			60
Other comprehensive loss	$	(3,184	)	$	(1,115	)	$	(2,069	)
2010:
Unrealized gains on available-for-sale securities	$	6,934		$	2,428		$	4,506
Reclassification adjustment for gains realized in net income		(3,515	)		(1,231	)		(2,284	)
Unrealized net holding loss on cash flow hedge		(153	)		(53	)		(100	)
Other comprehensive income	$	3,266		$	1,144		$	2,122

The ending balance of each component of accumulated other comprehensive income (loss) was as follows:

(in thousands)	Before-tax amount			Tax expense (benefit)			Net-of-tax amount
June 30, 2011:
Changes in pension plan assets and benefit obligations	$	(24,503	)	$	(8,576	)	$	(15,927	)
Unrealized gains on available-for-sale securities		10,186			3,565			6,621
Unrealized net holding loss on cash flow hedge		(1,337	)		(468	)		(869	)
Total accumulated other comprehensive loss	$	(15,654	)	$	(5,479	)	$	(10,175	)
December 31, 2010:
Changes in pension plan assets and benefit obligations	$	(24,503	)	$	(8,576	)	$	(15,927	)
Unrealized gains on available-for-sale securities		23,264			8,143			15,121
Unrealized net holding loss on cash flow hedge		(1,634	)		(572	)		(1,062	)
Total accumulated other comprehensive loss	$	(2,873	)	$	(1,005	)	$	(1,868	)
June 30, 2010:
Changes in pension plan assets and benefit obligations	$	(20,769	)	$	(7,269	)	$	(13,500	)
Unrealized gains on available-for-sale securities		47,006			16,452			30,554
Unrealized net holding loss on cash flow hedge		(1,807	)		(632	)		(1,175	)
Total accumulated other comprehensive income	$	24,430		$	8,551		$	15,879